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Fly News Breaks for February 8, 2018
KORS
Feb 8, 2018 | 08:48 EDT
RBC Capital analyst Brian Tunick raised his price target on Michael Kors to $71 after an "impressive" Q3 earnings beat, with outperformance driven by comps, upside to Jimmy Choo revenues, and better than forecast operating margins. Tunick adds that the retail and wholesale recovery appear to be fueled by the favorable environment such as improved mall traffic and handbag market growth acceleration. The analyst keeps his Sector Perform rating on Michael Kors, stating that the price "already bakes in most of this upside".
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